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A look at the various financial benefits offered to Senior Citizens
The Government of India has taken several measures to help senior citizens by offering them benefits through its schemes.
These benefits include those with respect to tax benefits, travel benefits and health care facilities provisioned for them. Take a look at the various other benefits.
Income Tax
As per the Income Tax Act, senior citizens who have an income up to Rs 2.5 lakh per annum are eligible for tax exemption. This is much higher then the amount of Rs 2 lakhs for other citizens.
Interest Rates
Senior citizens receive a higher interest (up to 50 bps) on fixed deposit in banks. In certain cases, some other company deposits offer beyond 0.50 per cent.
TDS
By submitting Form 15H, senior citizens can claim exemption on the tax deducted at source (TDS) on interest income earned and on deposits.
Insurance
The limit on the premium paid for medical insurance goes up to Rs 20,000, if the person covered under the policy is a senior citizen under 80D.
Business
Senior citizens who own business and do not have business income are exempt from paying advance tax.
Very Senior Citizens
Senior citizen who are above the age of 80 years are entitled to higher exemption limit of Rs. 5,00,000 on Income Tax.
Railways
The Indian Railways provides a flat 30 per cent rebate on fares in all classes of coaches of all trains for Senior Citizens.
